Thursday, December 19

Tag: corporate

After eight years, Astro Go Shop cease operations
4Oct By Webmaster IKON MalaysiaNo Comments
Business

After eight years, Astro Go Shop cease operations

Pay-TV provider Astro Malaysia Holdings Bhd announced that it will close down its home shopping business under “Go Shop” from Oct 11, citing “challenging overall economic landscape and the changes in consumer shopping behaviour”. "There has been a significant downturn in this mode of shopping since the Covid-19 pandemic and closure will ensure that Astro Malaysia’s resources are focused on business lines that contribute the biggest difference to the overall operations,” Astro Malaysia said in a statement on Monday. The organisation and its Korean joint venture partner GS Retail Co Ltd (GSR) have instructed Astro GS Shop Sdn Bhd (AGSS), which operates the home shopping business under the brand name "Go Shop," to cease operations as of October 11. AGSS is a 60:40 joint venture ...
Read More
Data reveals that M’sian business conditions have deteriorated to their worst level since January
4Oct By Webmaster IKON MalaysiaNo Comments
Business, Finance

Data reveals that M’sian business conditions have deteriorated to their worst level since January

Malaysian manufacturers reported sluggish demand at the end of the third quarter of 2023, as evidenced by a variety of indicators in the most recent purchasing managers index (PMI) data. S&P Global Market Intelligence said in a statement on Monday that output and new orders both moderated more than they did in August, while new export orders decreased at the third-fastest rate in the series' history. Moreover, it noted that purchasing activity slowed to the largest extent since September 2021, while employment levels declined for the sixth consecutive month. This drop in input demand had an impact on stockpiles of purchases as well. The level of outstanding business decreased at one of the fastest rates in the series' history since July 2012, which indicated some spare...
Read More
OpenAI and Jony Ive are in discussions with SoftBank to raise $1 billion for their AI device project.
3Oct By Webmaster IKON MalaysiaNo Comments
Business, Finance, Innovation/ Technology

OpenAI and Jony Ive are in discussions with SoftBank to raise $1 billion for their AI device project.

The Financial Times said on Thursday that ChatGPT maker OpenAI is in advanced talks with former Apple designer Jony Ive and SoftBank's Masayoshi Son to produce the "iPhone of artificial intelligence" with more than US$1 billion (RM4.7 billion) in funding from the Japanese company. According to the article, Ive's company LoveFrom has been hired by OpenAI CEO Sam Altman to create the ChatGPT creator's first consumer product. There have reportedly been "serious" discussions, but no contract has been reached, and it may take months before a venture is officially revealed, according to the story. Son, Altman, and Ive have also reportedly discussed starting a business that would combine their three firms' expertise and technological advancements. SoftBank chose not to respond to th...
Read More
Gov to return RM20b of Tabung Haji assets
3Oct By Webmaster IKON MalaysiaNo Comments
Finance, News

Gov to return RM20b of Tabung Haji assets

According to Prime Minister Datuk Seri Anwar Ibrahim, the government will restore to the pilgrim fund Lembaga Tabung Haji (TH) assets worth RM19.9 billion that were deposited in a special purpose vehicle (SPV) of the Ministry of Finance (MOF), Urusharta Jamaah Sdn Bhd (UJSB). The decision, according to Anwar, who is also the finance minister, was taken because MOF is now happy with TH's management, governance, and continued financial performance, particularly after it overcame earlier roadblocks. He further stated that the restoration of TH's assets disproves certain parties' assertion that TH's assets held under the SPV had already been transferred to non-Muslim ownership, which is completely false. "After careful consideration, I have stated from the beginning, since assumi...
Read More
Bask Bear Coffee expands domestically, while Tealive gets regional
1Oct By Webmaster IKON MalaysiaNo Comments
Business

Bask Bear Coffee expands domestically, while Tealive gets regional

According to Bryan Loo, CEO of Loob Holding, Bask Bear Coffee will concentrate on growing inside the home market while Tealive will continue to drive regional growth. “Bask Bear at the moment doesn’t have any regional plan, whereas Tealive is highly focused on regional expansion. So, for Bask Bear coffee our next goal is to make sure that we continue to ramp up our stalls, bringing the best product to our consumer and then be the ultimate destiny for coffee and toastie,” he said. “Our goal is to arrive at least 300 stalls before we start to look at the regional expansion,” Loo told reporters at Bask Bear Coffee 100th physical store opening at Suria KLCC. Loob Holding is likely to go public next year as Creador Capital Group, their private equity backer, looks to expand on its...
Read More
Amazon accused of having an illegal monopoly by the US
30Sep By Webmaster IKON MalaysiaNo Comments
Business, Finance, Innovation/ Technology

Amazon accused of having an illegal monopoly by the US

Amazon is being sued by US regulators, who claim that the internet behemoth is illegally holding onto a monopoly position. According to the Federal Trade Commission (FTC), Amazon uses "a set of interlocking anticompetitive and unfair strategies" to raise prices and discourage competition. The action was "wrong on the facts and the law," according to Amazon, and they were eager to present that argument in court. It is the latest technological behemoth to be sued by US regulators. Amazon has long been a target for Lina Khan, the head of the FTC. Ms Khan, then 29, released a key research paper in 2017 suggesting that the online store had dodged anti-competition scrutiny. "With its missionary zeal for consumers, Amazon has marched toward monopoly," she said at the time. ...
Read More
Johari Abdul Ghani now a major shareholder of MyNews
29Sep By Webmaster IKON MalaysiaNo Comments
Business, Finance

Johari Abdul Ghani now a major shareholder of MyNews

Datuk Seri Johari Abdul Ghani, a businessman and Umno politician, became a key shareholder of MyNews Holdings Bhd a few months ago through JAG Capital Holdings Sdn Bhd, prompting significant boardroom changes at the group, which operates convenience store franchises. When contacted, a source claimed, however, that the emergence of Johari as a new shareholder was "not related" to changes in the boardroom. According to a filing on Tuesday, the business announced the departure of its executive chairman, Ding Lien Bing, effective September 30. According to the filing, Ding has met his objectives and is quitting due to time constraints from other personal responsibilities. He will nonetheless continue to advise MyNews' management. In the filing, it is also stated that "Ding has...
Read More
Malaysia aims to gain knowledge from China’s development
29Sep By Webmaster IKON MalaysiaNo Comments
Business, Leadership, Politics

Malaysia aims to gain knowledge from China’s development

Malaysia, which is benefiting from new chances for growth as a result of its participation in the Belt and Road Initiative, looks forward to learning more from China's achievements during the last decades, according to Johari bin Abdul, speaker of Malaysia's Dewan Rakyat, the lower house of parliament. For Malaysia, a country rich in rivers, the BRI acts as "another river" to enhance transportation and the local economy, according to Johari. He used the East Coast Rail Link, or ECRL, being built by China Communications Construction Company to make his point. The more than 600-kilometer railway, which runs along Peninsular Malaysia's east coast, is a flagship project of BRI collaboration. The railway is anticipated to connect Port Klang on the west coast with the states of ...
Read More